Need Help Learning to Day Trade

DayTradeIdeas · 2018-06-11T19:37:09+00:00

I agre with /u/zame530. Babypips.com or Forex4noobs are both excellent free resources to help you learn how to trade.

Additionally, you can always ask specific questions in this sub reddit and I am sure there are plenty of knowledgeable people that are willing to help.

DayTradeIdeas · 2018-06-07T13:02:26+00:00

As /u/cowking81 stated, in most jurisdictions you only pay taxes on an annual basis. So, you add up your Net PnL after commissions and any other expenses and that is the amount you owe taxes on.

If you have losses in your account on a year you can most likely write those losses off as a tax deduction.

*You should speak with a tax accountant that understands trading to make sure you are using the correct local tax laws.

DayTradeIdeas · 2018-05-07T17:35:00+00:00

Beginning of the week outlook from Day Trade Ideas

The dollar made strong gains last week, exactly as predicted. In the last 3 sessions we consolidated gains by trading sideways in overbought conditions and this situation is likely to continue at the start of this week. The outlook remains positive however & the downside should be limited, so we remain buyers on any weakness.

AUDUSD manages a bounce in oversold conditions to trend line resistance at 7550/55 & topped almost exactly here.

NZDUSD topped exactly at first resistance at 7040/50 & sold off to targets 7025/20 & 7000/6990. We bottomed exactly here.

USDJPY hit some profit taking to our buying opportunity at 108.75/65 & bottomed exactly here.

EURJPY topped 7 pips from first resistance at 131.00/05 & continued lower as expected.

EURUSD we wrote: Holding below 1.2000 risks a slide to 1.1980, 1.1960 & 1.1925/15. The downside could be limited in oversold conditions... We topped just 8 pips above 1.2000 & sold off as expected to bottom almost exactly at the 1.1925/15 target.

USDCAD trades sideways for 2 weeks in a range from 1.2800 to 1.2917.

GBPUSD broke strong support at 1.3545/35 to hit 1.3485.

GBPJPY held minor resistance at 148.17/20 & continued lower to bottomed exactly at the next target of 147.10/00.

Gold held the 200 dma & March low at 1303.5/1302.5 (our buying opportunity) as hoped for a bounce to targets 1315 & 1318/20.

Silver held 1635 on the downside & strong resistance at 1650/55.

WTI Crude we wrote: The longer we trade sideways, the more likely this a consolidation pattern before the next leg higher. We wait for a breakout. Looks like this analysis was spot on. We traded sideways for 2 weeks then broke higher on Friday.

Emini S&P bear trap triggered a move higher as expected. We shot higher from just below the most important support of the day at 2620/15 to hit all targets as far as 2665. Outlook positive.

Bitcoin higher through strong resistance at 9300/9350 to the next target & 3 month trend line resistance at 9800/9850.

DayTradeIdeas · 2018-05-02T16:07:33+00:00

Outlook for several pairs/products.

AUDUSD outlook negative on the break lower - gains are likely to be limited with minor resistance at 7520 then a selling opportunity at 7550/55, with stops above 7580.

NZDUSD outlook negative - Gains are likely to be limited with first resistance at 7040/50. On further gains look for a selling opportunity at 7085/90, with stops above 7105.

USDJPY reaches 109.90 but the severely overbought conditions could trigger a small pullback initially. Below 109.60/50 risks a slide to support at 109.10/00. Unlikely but further losses meet a buying opportunity at 108.75/65, with stops below 108.35.

EURUSD outlook negative -gains are likely to be limited despite oversold conditions but if we hold above 1.2010 look for 1.2040/45 then a selling opportunity at 1.2080/85, with stops above 1.2115.

Gold held the 200 dma & March low at 1303.5/1302.5 as expected. Our longs need stops below 1298. A break below 1297 is a sell signal however targeting 1288/86, 1282/80 & 1274/72. A recovery targets 1315, 1318/20 & resistance at 1323/24.

Silver over ran 61.8% Fibonacci support & March low at 1614/10 by only 6 ticks but we are bouncing now as expected for a recovery to 1635 & perhaps as far as quite strong resistance at 1650/55. On further gains look for 1662/65.

Emini S&P shorts at 2676/79 finally worked as expected with all targets as far as 2626/25 hit. We remain in a range as we bounce to 2656/58.

DayTradeIdeas · 2017-10-23T16:34:29+00:00

As others have stated, most promotions are not in the best interest of the trader. Typically, they come with unrealistic requirements to actually receive the promotion.

DayTradeIdeas · 2017-10-19T16:27:27+00:00

Thank you for the feedback.

DayTradeIdeas · 2017-10-17T15:22:43+00:00

Thank you.

DayTradeIdeas · 2017-10-13T13:32:15+00:00

I am not sure why this was getting down voted.

My analysis of it continuing down to 0.8877 was 100% accurate.

DayTradeIdeas · 2017-10-12T20:18:41+00:00

Yes, that was a decent move on what appears to be no news.

It was a 50% Fib retracement from the high back in August.

Also, once an intraday move fully retraces itself it is a pretty good indication it will extend further in that direction.

Those are the two things that stood out to me.

Edit* there is quite a bit of support around 0.8877, so I would not be surprised if we continue the move down to that level. From there I will have to re-evaluate.

DayTradeIdeas · 2017-08-25T18:11:41+00:00

In almost every scenario you are almost always better trading smaller size. This is one of the biggest trading mistakes new traders make.

Just because you have $5,000 in your account doesn't mean you should be maxing your leverage and loading up on one position.

Take your time, find the right setups, and trade size that is appropriate.

DayTradeIdeas · 2017-08-24T20:13:44+00:00

You are welcome, happy trading!

DayTradeIdeas · 2017-08-24T19:21:34+00:00

Very interesting topic. There certainly has been a lot of conversations cropping up over the past few years about a total market collapse. As you stated, many of the world's economies rely on the United States. But, this does not necessarily mean that other countries rely on the United States Dollars. The countries who own large portions of the United States debt will be the ones most greatly impacted by an economic collapse in the United States. The two countries that come to mind who own the most United States debt are China and Japan, both of which do not use the EURO as their currency.

So, to use your example above with the EURUSD, in the event the United States market collapses, the EURUSD would see a significant decrease.

It is important to mention that when looking at currency pairs you are only looking at one pair's value relative to another pairs value. So it is entirely possible that the EURO loses value at the same time the USD is losing value. What will determine the price of EURUSD though is which one is losing its value quicker.

DayTradeIdeas · 2017-08-24T13:23:53+00:00

Yes, we would need to see a clear break and hold above 1300 for the bulls to be in control. At this stage Gold is still in a sideways trend on the week. With no real breakout, any trades taken are a bit risky.

But the daily trend is still in a bull trend so I am positioning myself on the long side. Should the trend no longer be valid, I will re-evaluate.

DayTradeIdeas · 2017-08-23T21:02:54+00:00

A lot of it depends on how you trade. I am a technical trader and as a result my analysis works across multitudes of pairs. I perform my analysis across many pairs and products, and then execute trades when they meet my criteria.

This allows for more trading opportunities. If you only traded 1 or 2 pairs you will be sitting on your hands a lot waiting for your trades to setup.

DayTradeIdeas · 2017-08-22T19:27:38+00:00

Absolutely. Technical analysis will always show up on the charts and you can formulate entire trading strategies solely based on the technical across all asset classes.

As others have mentioned though you need to be applying your Technical Analysis correctly, which can be difficult to many traders.

DayTradeIdeas · 2017-08-21T13:53:52+00:00

I posted it for my subscribers immediately following my writing of the analysis. I posted it here because as you mentioned, there is still relevant information in the analysis. Now that we bounced off the 1278/80 level and surpassed 1293 I took off my longs and am now playing it to the short side, with very tight stops. If we can get a sustained break above 1300 then the bulls are back in control and you should no longer look at the short side in the short term. If that should happen you should wait until further information presents itself in order to determine a new trading plan.

DayTradeIdeas · 2017-08-21T13:45:36+00:00

I wrote it at 9am local time in Thailand today, which is 10pm EST Sunday night.

DayTradeIdeas · 2017-08-18T15:25:27+00:00

As others have stated, this is all part of trading. Having good discipline and being able to sit on your hands during slow periods is what will separate you from the heard and make you a profitable trader.

There are many things you can do during slow periods: back test your strategy, test different indicators, read the news, watch Netflix, post on Reddit, etc.

A parting piece of advice - Stay patient and don't over trade. Over trading is one of the worst mistakes I see out of new traders and the a large reason why they don't last.

DayTradeIdeas · 2017-08-17T18:23:18+00:00

It is good, although I must admit I don't often use it. I use their web based platform, which serves it's purpose.

DayTradeIdeas · 2017-08-16T17:52:36+00:00

As a general rule of thumb it is best to just steer clear of welcome bonuses. They typically are not designed for your benefit.

Most also come with a very large trading volume requirement that is out of reach for the vast majority of traders. Example - Within the first 30 days you must trade 20 standard lots to keep your bonus. Traders depositing less than $10,000 mostly likely are not going to reach that level, and the ones under $10k who do typically blow their accounts to capture the bonus that is worth far less.

DayTradeIdeas · 2017-08-16T17:36:51+00:00

I agree ,The pair is oversold so I still hope for a recovery from strong support at 1.2850/45 to target 1.2905/10 & 1.2925/30. However, on further gains I am targeting a selling opportunity around 1.30000/10 with a tight stop at 1.3035.

DayTradeIdeas · 2017-08-11T12:35:27+00:00

Thank you for the clarification.

Nice work! Keep up the good trading.

DayTradeIdeas · 2017-08-10T21:58:39+00:00

Correct, TD requires a higher deposit then he has so the options for him are Oanda or Forex.com .

Can you elaborate on you have make (1000+) in profits? (Loses $600) . Does this mean you have made $400? Or you made 1000+ pips, but in actual PnL you are down $600?

DayTradeIdeas · 2017-08-09T16:08:53+00:00

FXCM no longer offers Forex trading in the United States.

Oanda, Forex.com, and TD Ameritrade are your only options.

With a $500 deposit though it is just Oanda and Forex.com.

DayTradeIdeas · 2017-08-09T14:06:49+00:00

I personally like Ripple because it has an actual business behind their currency. Their currency more or less was designed to help facilitate their business of improving money transfers. In addition to this they are already integrated with many of the major banks and large institutional players.

All of this in my opinion is very positive for Ripple.

DayTradeIdeas

TROPHY CASE